Retirement comes with age. Might seem like common sense, but it’s a fact many don’t like to consider when planning their post-pension finances. The truth is, aging – and slowing down – is unavoidable, and there are significant costs associated with this life stage. Whether you’re retrofitting your home to ease mobility, or shelling out for prescriptions, a little planning can go a long way in alleviating the costs of aging.
Perks may abound for the self employed, but one notable side effect to being your own boss is lack of company health benefits. Even with Canada’s enviable healthcare system, unexpected expenses incurred by prescriptions, disability or long term illness is enough to make anyone ill. Avoid shelling out when you’re under the weather by knowing your self employment benefit options.
Being your own boss certainly comes with some sweet perks- nothing beats creating your own schedule and choosing your work. But self employment can leave you more vulnerable in times of need, and present unique challenges if you’re looking for some extra cash. Fortunately, you are still eligible for employment insurance and loans – the key is to be prepared.